Edexcel-Supply 1.2 Flashcards
1
Q
Supply
A
Amount of product businesses are prepared to sell at given price at a given time
2
Q
What is the relationship between supply and Price?
A
Direct
3
Q
As the price increases
A
Quantity supplied increases
4
Q
As the price decreases
A
Quantity supplied decreases
5
Q
At higher prices
A
Businesses are incentivised to sell more of the product
6
Q
How is the supply curve positioned?
A
Slopes upwards
From Left to right
7
Q
Whats the pneumonic for supply non price factors?
A
CATCATS
8
Q
CATCATS
A
Cost of production
Availability of products
Technology
Climate
Amount of sellers
Taxes
Subsidies
9
Q
Inwards
A
Suppliers more willing to sell products
10
Q
outwards
A
Suppliers less willing to sell products
